Zambia Annual Monitor 2016

While Zambia was the earliest adopter of digital financial services (DFS) in Africa in 2002, it had lagged behind in leveraging those services to advance financial inclusion in the country for many years. Years of inertia have shifted to a period of momentum, which is reflected in an exciting 2016 for DFS. Financial service providers began to focus on the support, management and growth of agent networks. The number of sustainable financial service players increased, as did their active customers and agents. DFS uptake among Zambian adults increased significantly, suggesting that providers are getting better at developing products that meet their customers’ needs, wants and aspirations. However, there are still several barriers to advancing digital financial inclusion, including lack of meaningful awareness, liquidity challenges for agents, and lack of products that address the needs of Zambians.